At 1 January 2010
38. Authorisation of fi nancial statements for issue
The fi nancial statements for the year ended 31 December 2010 were authorised for issue in accordance with a resolution of the directors on 28 April 2011.
ANNUAL REPORT
The breakdown of the retained earnings of the Group and of the Company as at 31 December 2010 into realised and unrealised profi ts is presented in accordance with the directive issued by Bursa Malaysia Securities Berhad dated 25 March 2010 and prepared in accordance with Guidance on Special Matter No.
1, Determination of Realised and Unrealised Profi ts of Losses in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants.
Group Company
RM RM
Total retained earnings of the Company and its subsidiaries
- Realised 266,648,442 (269,660)
- Unrealised (16,626,333) 1,125,340
250,022,109 855,680
Less: Consolidation adjustments (101,482,976) -
Retained earnings as per fi nancial statements 148,539,133 855,680
Paid-Up & Issued Share Capital : 120,000,000 Authorised Share Capital : 500,000,000
Type of Shares : Ordinary shares of RM1.00 each
No. of shareholders : 1,029
Voting Rights : One vote per ordinary share
DISTRIBUTION OF SHAREHOLDINGS
Size of holdings No. of % of Total % of Holders Holders Holdings Holdings
1 to 99 43 4.18 822 0.00
100 to 1,000 598 58.11 133,368 0.11
1,001 to 10,000 297 28.86 1,174,302 0.98
10,001 to 100,000 53 5.15 1,615,200 1.35
100,001 to 5,999,999* 34 3.31 47,468,890 39.56
6,000,000 and above** 4 0.39 69,607,418 58.00
Total 1,029 100.00 120,000,000 100.00
Notes: * Less than 5% of issued holdings
** 5% and above of issued holdings
SUBSTANTIAL SHAREHOLDERS
According to the Register maintained under Section 69L of the Companies Act, 1965, the substantial shareholders’
interests in shares of the Company (excluding bare trustees) are as follows:- Ordinary shares of RM1.00 each
Direct interests % Indirect interests % Jubilant Ventures Sdn Bhd 38,400,000 32.00 - - Dato’ Sri Koh Kin Lip, JP 19,783,344 16.49 2,887,350*1 2.41 Dato’ Loo Pang Kee 10,206,906 8.51 38,400,000*2 32.00 Loo Ngin Kong 7,961,724 6.63 6,200,000*3 5.17
Wong Siew Ying 3,622,684 3.02 44,600,000*4 37.17
Notes:
*1: Deemed interest via shareholdings of Rickoh Corporation Sdn. Bhd. in the Company pursuant to Section 6A(4), Companies Act, 1965 and via shareholdings of his daughter, Koh Se Gay, in the Company.
*2: Deemed interest via shareholdings of Jubilant Ventures Sdn. Bhd. in the Company pursuant to Section 6A(4), Companies Act, 1965.
*3: Deemed interest via shareholdings of his sons, Loo Pang Chieng and Loo Pang How, in the Company.
*4: Deemed interest via shareholdings of Jubilant Ventures Sdn Bhd and via shareholdings of her sons, Loo Pang Chieng and Loo Pang How, in the Company.
ANNUAL REPORT
According to the Register maintained under Section 134 of the Companies Act, 1965, the directors’ interests in shares of the Company are as follows:-
Ordinary shares of RM1.00 each
Direct interests % Indirect interests % Name of Directors
Loo Ngin Kong 7,961,724 6.63 6,200,000*1 5.17 Dato’ Seri Tengku Dr. Zainal Adlin
Bin Tengku Mahamood 1 0.00 - - Dato’ Loo Pang Kee 10,206,906 8.51 38,400,000*2 32.00 Wong Siew Ying 3,622,684 3.02 44,600,000*3 37.17 Lim Ted Hing 804,000 0.67 - - Dr. Edmond Fernandez 32,300 0.03 - - Dato’ Sri Koh Kin Lip, JP 19,783,344 16.49 2,887,350*4 2.41 Tan Vun Su 1 0.00 - -
Notes:
*1: Deemed interest via shareholdings of his sons, Loo Pang Chieng and Loo Pang How, in the Company.
*2: Deemed interest via shareholdings of Jubilant Ventures Sdn. Bhd. in the Company pursuant to Section 6A(4), Companies Act, 1965.
*3: Deemed interest via shareholdings of Jubilant Ventures Sdn. Bhd. in the Company pursuant to Section 6A(4), Companies Act, 1965 and via shareholdings of her sons, Loo Pang Chieng and Loo Pang How, in the Company.
*4: Deemed interest via shareholdings of Rickoh Corporation Sdn. Bhd. in the Company pursuant to Section 6A(4), Companies Act, 1965 and via shareholdings of his daughter, Koh Se Gay, in the Company.
No. of
No. Name Shares Held %
1 Jubilant Ventures Sdn Bhd 38,400,000 32.00
2 Dato’ Sri Koh Kin Lip, JP 12,818,344 10.68
3 UOBM Nominees (Asing) Sdn Bhd
Exempt An for Societe Generale Bank & Trust, Singapore
Branch (Cust Asset) 11,427,350 9.52
4 Loo Ngin Kong 6,961,724 5.80
5 Amsec Nominees (Tempatan) Sdn Bhd
AmBank (M) Berhad for Dato’ Loo Pang Kee 5,706,906 4.76 6 Mayban Nominees (Tempatan) Sdn Bhd
Amanahraya Investment Management Sdn Bhd for
Mutual Yield Sdn Bhd (C318-240203) 5,452,500 4.54 7 AMMB Nominees (Tempatan) Sdn Bhd
AmBank (M) Berhad for Dato’ Loo Pang Kee 4,500,000 3.75
8 Loo Pang Chieng 4,200,000 3.50
9 Wong Siew Ying 2,872,684 2.39
10 Kenanga Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Junior Koh Siew Hui 2,043,700 1.70 11 Alliancegroup Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Dato’ Sri Koh Kin Lip, JP
(8058900) 2,000,000 1.67
12 EB Nominees (Tempatan) Sendirian Berhad
Pledged Securities Account for Dato’ Sri Koh Kin Lip, JP
(SFC 2) 2,000,000 1.67
13 Lai Ming Chun @ Lai Poh Lin 2,000,000 1.67
14 Loo Pang How 2,000,000 1.67
15 Seah Sen Onn @ David Seah 1,902,500 1.59
ANNUAL REPORT
No. of
No. Name Shares Held %
16 Kenanga Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Dato’ Sri Koh Kin Lip, JP 1,750,000 1.46 17 Cimsec Nominees (Tempatan) Sdn Bhd
CIMB Bank for Rickoh Corporation Sdn Bhd (MY0507) 1,500,000 1.25 18 Rickoh Corporation Sdn Bhd 1,317,350 1.10 19 Cimsec Nominees (Tempatan) Sdn Bhd
CIMB Bank for Dato’ Sri Koh Kin Lip, JP (MY0502) 1,215,000 1.01
20 Loo Ngin Kong 1,000,000 0.83
21 Amsec Nominees (Tempatan) Sdn Bhd
AmBank (M) Berhad for Kirana Senja Sdn Bhd 900,000 0.75 22 Seah Sen Onn @ David Seah 815,000 0.68
23 Wong Siew Ying 750,000 0.63
24 Lim Ted Hing 604,000 0.50
25 Koh Siew Boon 515,800 0.43
26 Citigroup Nominees (Asing) Sdn Bhd
UBS AG Singapore for Multiasia International Limited 309,000 0.26
27 Rosalind Lo Nyit Ying 288,000 0.24
28 Lie Tjie Moh @ Lee Chee Hiong 265,000 0.22 29 Public Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Lai Tan Kiong (E-SDK) 261,300 0.22 30 Cimsec Nominees (Tempatan) Sdn Bhd
CIMB Bank for Lim Ted Hing (MY0410) 200,000 0.17
Description/ (unless Age of value as at
Title/Location otherwise Tenure buildings 31.12.2010 Date stated) (years) (years) Usage RM Acquired Plantation land
Growth estate, 183.05 99 years N/A Oil palm 4,233,915 2002
KM 70, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District 31 December of Labuk-Sugut, Sabah 2077 and
31 December
2086
Soon Tai estate, 38.03 99 years N/A Oil palm 994,714 2002
KM 71, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Labuk-Sugut, Sabah 2077
Jejco estate, KM 71, 40.71 99 years N/A Oil palm 2,156,206 2002
Sandakan-Telupid- lease plantation
Kota Kinabalu Highway, expiring District of Labuk-Sugut, 31 December
Sabah 2077
Bintang estate, KM 71, 195.47 99 years N/A Oil palm 5,499,558 2002
Sandakan-Telupid- lease plantation
Kota Kinabalu Highway, expiring District of Labuk-Sugut, 31 December
Sabah 2078
SROPP estate and 224.94 99 years N/A Oil palm 4,968,454 2002
7.7 hectares of durian lease plantation
orchard, KM 73, Sandakan- expiring Telupid-Kota Kinabalu 31 December Highway, District of 2077 and Labuk-Sugut, Sabah 31 December
2080
Teh estate, KM 75, 242.81 99 years N/A Oil palm 7,638,457 2005
Sandakan-Telupid- lease expiring plantation
Kota Kinabalu Highway, 31 December District of Labuk-Sugut, 2077 and
Sabah 31 December
2079
Ballerina estate, 163.13 99 years N/A Oil palm 4,084,658 2002
KM 80, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District 31 December
of Kinabatangan, Sabah 2077
ANNUAL REPORT
Description/ (unless Age of value as at
Title/Location otherwise Tenure buildings 31.12.2010 Date stated) (years) (years) Usage RM Acquired Plantation land
Growth estate, 183.05 99 years N/A Oil palm 4,233,915 2002
KM 70, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District 31 December of Labuk-Sugut, Sabah 2077 and
31 December
2086
Soon Tai estate, 38.03 99 years N/A Oil palm 994,714 2002
KM 71, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Labuk-Sugut, Sabah 2077
Jejco estate, KM 71, 40.71 99 years N/A Oil palm 2,156,206 2002
Sandakan-Telupid- lease plantation
Kota Kinabalu Highway, expiring District of Labuk-Sugut, 31 December
Sabah 2077
Bintang estate, KM 71, 195.47 99 years N/A Oil palm 5,499,558 2002
Sandakan-Telupid- lease plantation
Kota Kinabalu Highway, expiring District of Labuk-Sugut, 31 December
Sabah 2078
SROPP estate and 224.94 99 years N/A Oil palm 4,968,454 2002
7.7 hectares of durian lease plantation
orchard, KM 73, Sandakan- expiring Telupid-Kota Kinabalu 31 December Highway, District of 2077 and Labuk-Sugut, Sabah 31 December
2080
Teh estate, KM 75, 242.81 99 years N/A Oil palm 7,638,457 2005
Sandakan-Telupid- lease expiring plantation
Kota Kinabalu Highway, 31 December District of Labuk-Sugut, 2077 and
Sabah 31 December
2079
Ballerina estate, 163.13 99 years N/A Oil palm 4,084,658 2002
KM 80, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District 31 December
of Kinabatangan, Sabah 2077
Description/ (unless Age of value as at
Title/Location otherwise Tenure buildings 31.12.2010 Date stated) (years) (years) Usage RM Acquired Plantation land (Cont’d.)
Sebuda estate, 316.00 99 years N/A Oil palm 6,394,965 2002
KM 80, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Kinabatangan, Sabah 2078
Telupid estates, 1,379.95 99 years N/A Oil palm 33,955,090 2002
KM 80 & KM 100, lease plantation
Sandakan-Telupid- expiring
Kota Kinabalu Highway, 31 December Districts of Kinabatangan 2078
& Labuk-Sugut, Sabah
Berkat estate, Mile 62, 101.71 99 years N/A Oil palm 1,765,494 2002
Sandakan-Telupid- lease plantation & 2005
Kota Kinabalu Highway, 31 December District of Labuk-Sugut, 2096 Sabah
Bonus Indah estate, 999.60 99 years N/A Oil palm 24,534,961 2002
KM 111, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Labuk-Sugut, Sabah 2091
Berkat estate, KM 111, 432.50 99 years N/A Oil palm 8,292,655 2002
Sandakan-Telupid- lease plantation
Kota Kinabalu Highway, expiring District of Labuk-Sugut, 31 December
Sabah 2083 and
31 December
2093
Kian Merculaba estate, 498.40 99 years N/A Oil palm 8,211,861 2003
KM 113, lease plantation
Sandakan-Telupid- expiring
Kota Kinabalu Highway, 31 December
District of Labuk-Sugut, 2091
Sabah
Natural estate, 102.19 99 years N/A Oil palm 2,613,147 2002
KM 124, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Labuk-Sugut, Sabah 2079
ANNUAL REPORT
Description/ (unless Age of value as at
Title/Location otherwise Tenure buildings 31.12.2010 Date stated) (years) (years) Usage RM Acquired Plantation land (Cont’d.)
Miasa estate, KM 124, 440.90 99 years N/A Oil palm 10,096,295 2002
Sandakan-Telupid- lease plantation
Kota Kinabalu Highway, expiring District of Labuk-Sugut, 31 December
Sabah 2079 and
31 December
2081
Seraya estate, KM 124, 181.79 99 years N/A Oil palm 4,042,219 2002
Sandakan-Telupid- lease plantation
Kota Kinabalu Highway, expiring District of Labuk-Sugut, 31 December
Sabah 2080
Transglobe estate, 302.80 99 years N/A Oil palm 6,770,115 2002
KM 124, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Labuk-Sugut, Sabah 2082
Sinar Ramai estate, 192.30 99 years N/A Oil palm 5,033,307 2002
KM 143, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Labuk-Sugut, Sabah 2086
Intan Ramai estate, 228.10 99 years N/A Oil palm 4,520,029 2002
KM 143, Sandakan- lease plantation
Telupid-Kota Kinabalu expiring Highway, District of 31 December
Labuk-Sugut, Sabah 2086
Deltafort estate, KM 87, 400.30 99 years N/A Oil palm 6,774,998 2002 Segaliud Lokan, District lease plantation &
of Kinabatangan, Sabah expiring plantable
31 December reserve
2087
SROPP estate, KM87, 40.47 99 years N/A Oil palm 1,127,782 2002
Segaliud Lokan, District lease plantation
of Kinabatangan, Sabah expiring
31 December
2077
SROPP estate, KM30, 39.02 99 years N/A Oil palm 1,752,498 2002 Labuk Road, District of lease expiring plantation
Sandakan, Sabah 31 December 2060
Hectares Net book Description/ (unless Age of value as at
Title/Location otherwise Tenure buildings 31.12.2010 Date stated) (years) (years) Usage RM Acquired Plantation land (Cont’d.)
Permata Alam estate, 200.30 99 years N/A Oil palm 5,077,422 2003
KM87, Sandakan- lease plantation
Lahad Datu Highway, expiring
District of Kinabatangan, 31 December
Sabah 2085
Sungai Kenali estate, 197.90 99 years N/A Oil palm 3,577,146 2003
KM87, Sandakan- lease plantation
Lahad Datu Highway, expiring
District of Kinabatangan, 31 December
Sabah 2085
Other landed properties
Ballerina , 2 adjoining 395.55m2 999 years 36 Offi ce 860,641 2002
double storey lease buildings
shophouses with a expiring
built-up area of 9 July
782.13m2, Lot 8 & 9, 2887 Taman Tshun Ngen,
Mile 5, Labuk Road, District of Sandakan,
Sabah
Ballerina, 1 double 197.78 m2 999 years 36 Offi ce 294,757 2003
storey shophouse lease building
with a built-up area expiring of 391.07m2, Lot 11, 9 July
Taman Tshun Ngen, 2887
Mile 5, Labuk Road, District of Sandakan,
Sabah
Berkat, 1 double 11,120 sq ft 999 years 28 Employees’ 621,393 2007
storey detached house, lease accomodation
Lot 134, Taman Tshun expiring Ngen, Mile 5, Labuk Road, 9 July
District of Sandakan, 2887
Sabah
SROPP palm oil mill 35.39 99 years 16 Palm oil 6,531,522 2002
with a built-up area lease mill
of 6,232m2, KM 87, expiring
Segaliud-Lokan, 31 December
Sandakan-Lahad Datu 2077
Highway, District of Kinabatangan, Sabah
ANNUAL REPORT
Hectares Net book
Description/ (unless Age of value as at
Title/Location otherwise Tenure buildings 31.12.2010 Date stated) (years) (years) Usage RM Acquired Other landed
properties (Cont’d.)
Berkat palm oil mill, 4.05 60 years 25 Palm oil 5,888,551 2002
with a built-up area of lease mill
4,193.80m2, KM 70, expiring
Sandakan-Telupid- 31 December
Kota Kinabalu Highway, 2044
District of Labuk-Sugut,
Sabah
Palace Hotel, 1.789 999 years 16 Hotel 29,773,189 2007
8 storey hotel lease & 2008
building with expiring
151 rooms and 31 December
ancillary buildings 2907,
together with hotel 12 June
facilities, an open 2913 and
car park for visitors 2 October
and a staff quarter 2915 and
with total fl oor area 99 years
of 8,673 m2, No. 1, lease
Jalan Tangki, expiring 28
Karamunsing, April 2065
Kota Kinabalu
Velvet Lodge & 1,700 999 years 38 Lodge & 2,371,724 2008
Lounge, three- sq ft lease expiring lounge
storey lodging 21 January
house with a café 2901
at ground fl oor with total fl oor area of 7,800 sq ft, Lot No. 56, Lorong Berjaya 5, Bandaran Berjaya, Kota Kinabalu, Sabah
Better Prospects, 10.89 99 years 2 Fish ponds, 3,856,443 2007
Sungai Obar, Mile 7, lease hatchery & 2008
Off Airport Road, expiring & nursery
90000 Sandakan, Sabah 31 December building
2077
TOTAL 214,314,166
or failing him,
of
or failing him the Chairman of the Meeting as my/our proxy to vote for me/us on my/our behalf at the Eleventh Annual General Meeting of the Company, to be held at the Conference Room 4, 6th Floor, The Palace Hotel, No. 1, Jalan Tangki, Karamunsing, 88100 Kota Kinabalu, Sabah on Friday, 24 June 2011 at 11.00 am or any adjournment thereof.
I/We direct my/our proxy to vote for or against the Resolutions to be proposed at the Meeting as hereinunder indicated.
No. Resolutions For Against
1. To receive and adopt the Directors’ Report and Audited Financial Statements for the fi nancial year ended 31 December 2010.
2. To declare a fi nal single tier dividend of 2 sen per share.
3. To re-appoint Mr Loo Ngin Kong as Director.
4. To re-appoint Dato’ Seri Tengku Dr. Zainal Adlin Bin Tengku Mahamood as Director.
5. To re-elect Dr Edmond Fernandez as Director.
6. To re-elect Dato’ Sri Koh Kin Lip as Director.
7. To approve the payment of Directors’ fees of RM 80,000.00.
8. To re-appoint Messrs Ernst & Young as Auditors and to authorize the Directors to fi x their remuneration.
9. Authority to issue shares pursuant to Section 132D, Companies Act, 1965.
10. Proposed Renewal of the Existing Shareholders’ Mandate for Recurrent Related Party Transactions.
11. Proposed Renewal of Share Buy-Back Authority.
(Please indicate with an “x” in the appropriate box against each resolution how you wish your proxy to vote. If this form of proxy is returned without any indication as to how the proxy shall vote, the proxy will vote or abstain as he thinks fi t).
Dated this day of 2011 NO. OF SHARES HELD
______________________
Signature(s) of Member(s) Notes:
a) A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote instead of him. A proxy may but need not be a member of the Company and the provisions of Section 149(1)(b) of the Companies Act, 1965, shall not apply to the Company.
b) A member shall be entitled to appoint one (1) but not more than two (2) proxies to attend and vote at the same meeting and where a member appoints two (2) proxies to attend and vote instead of him at the same Meeting, the appointment shall be invalid unless he specifi es the proportions of his holdings to be represented by each proxy.
c) The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if such appointor is a corporation, either under its Common Seal or the hands of its offi cers or attorney duly authorised.
d) The instrument appointing a proxy shall be deposited at the Registered Offi ce of the Company at Lot 9, T3, Taman Tshun Ngen, Mile 5, Jalan Labuk, 90000 Sandakan, Sabah, not less than forty-eight (48) hours before the time for holding the Meeting or any adjournment thereof.